Business

The United States and Japan have agreed a deal on trading in minerals that are key to making electric car batteries. The aim is to bolster EV (electric vehicle) battery supply chains and reduce the countries' reliance on China. The deal will give Japanese carmakers wider access to $7,500 tax breaks under President Joe Biden's Inflation Reduction Act. Plus, Twitter CEO Elon Musk has announced a shake-up of the social media platform's "verified user", or Blue Tick, feature.

In this edition: Germany seeks an "e-fuels" exemption to the EU's ban on the sale of new petrol and diesel cars after 2035, while France pushes for an all-electric transport future. Also, markets drop amid ongoing interest rate hikes and banking turmoil, and US short seller Hindenburg Research targets Jack Dorsey's Block payment firm.

The International Monetary Fund (IMF) and Kyiv have reached a staff-level agreement for a $15.6 billion loan which should be finalised in the coming weeks. The Washington-based lender had previously changed its rules in order to allow loans to countries facing "exceptionally high uncertainty", without naming Ukraine specifically. Also in this bulletin, we see how Germany's solar panel boom is being stifled by a labour shortage. Plus, a new study shows that Scotland's minimum pricing of alcohol may well have saved lives.

Credit Suisse, a storied bank established in the 19th century, is in its last days as an independent entity. Switzerland's largest bank UBS has agreed to acquire it in a $3.2 billion all-share deal. The forced takeover was brokered by regulators and the Swiss government, who feared reputational damage to the country's financial sector and wanted to stop the crisis spreading further. We take a closer look.

In an effort to stave off contagion, 11 of the largest American banks have injected a total of $30 billion into First Republic, a regional bank based in San Francisco that's been struggling amid this week's turmoil in the financial sector. We take a closer look. Meanwhile, the European Central Bank has again raised interest rates by half a percentage point despite worries over stability in the banking sector.

European markets have calmed down after Credit Suisse secured a lifeline of up to 50 billion Swiss francs from the country's central bank. The crisis is just the latest to hit the embattled lender, which has suffered a string of scandals and management issues. Jitters over the banking sector remain as the European Central Bank decides on the next rate hike. Plus, Beijing has reacted furiously to Washington giving TikTok's Chinese owner ByteDance an ultimatum: sell up or face a total ban in the US market.

Shares of Credit Suisse have plunged to a record low, after its top shareholder declined to increase its stake. The slide has added to market jitters over the state of Europe's banking sector, although it's not directly related to the recent collapse of two American lenders. Also in the show: the UK government outlines its budget, as it tries to protect households and businesses from the ongoing cost-of-living crisis.

After a disastrous derailment in East Palestine, Ohio on February 3, the US state's attorney general has filed a lawsuit against the Norfolk Southern rail company, saying it prioritises profits over people. The state is seeking to hold the railroad financially accountable for the accident. Also in this edition, media reports in the US say investigations into Silicon Valley Bank's collapse by the US Justice Department and other agencies have started. Finally, we look at the latest economic data out of China.

The US Federal Reserve faces a tricky balancing act, as it tries to navigate high inflation and instability in the banking sector. Alexander Yokum, of CFRA Research, says the collapse of Silicon Valley Bank and Signature Bank could affect the Fed's next interest rate decision, despite a 6 percent jump in consumer prices. Also in the show: Facebook's parent company Meta confirms a further 10,000 job cuts, and a California court rules that gig economy workers should not be considered employees.

Banking stocks around the world have fallen sharply following the collapse of Silicon Valley Bank and a subsequent intervention by US regulators to protect depositors. Smaller regional lenders in the US are particularly hard hit, with many requests being made to move deposits to some of the country's larger lenders. Also in this bulletin, we look at the calls for stricter regulation of the financial sector.